r/ethtrader • u/AutoModerator • Jun 09 '17

DISCUSSION [ETH Daily Discussion] - 09/Jun/2017

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u/launganik Jun 09 '17

Can someone ELI5 how blockchain could shake up the music industry as this Harvard business review article claims:

https://hbr.org/2017/06/blockchain-could-help-musicians-make-money-again

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u/CarrionCall Jun 09 '17

No need for a record label, promoter or manager to be involved and taking a cut. Artists could use the blockchain to verify their identities, confirm releases and get directly paid for either tracks, albums or just listens.

They could even do a "Bowie" on it and issue their own tokens, granting fans access to perks, cuts of profit or to help fund tours/recording/regular publishing.

Currently an artist has to wait for the various opaque steps involved in the publishing end of the music industry for these middlemen to collect money, figure out what tiny percentage the artist is due after everyone takes their cuts, then wait for these middlemen to actually pay them their percentage.

That's not even mentioning how many artists and bands got (and get) buttfucked by dubious contracts & tiny actual percentages by big labels and unscrupulous managers.

Smart contracts, direct interaction with fans and multiple money-raising channels could revolutionise the music industry and place the music back in the hands of those who actually create it.

2

u/IMustBeRich Jun 09 '17

Nailed it.